Earnings per common share

9 Months Ended

Sep. 30, 2019

Earnings per share

Basic earnings per share is computed by dividing net income by the weighted average number of shares of common stock outstanding during the applicable period. Diluted earnings per share is computed by dividing net income by the total of the weighted average number of shares of common stock outstanding during the applicable period, plus the effect of nonvested performance share awards and restricted stock units. Common stock outstanding includes issued shares less shares held in treasury. Net income was the same for both the basic and diluted earnings per share calculations. A reconciliation of the weighted average common shares outstanding used in the basic and diluted earnings per share calculations follows:



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2019		2018		2019		2018
	(In thousands, except per share amounts)
Weighted average common shares outstanding - basic	199,343		196,018		198,016		195,618
Effect of dilutive performance share awards and restricted stock units	40		247		17		486
Weighted average common shares outstanding - diluted	199,383		196,265		198,033		196,104
Shares excluded from the calculation of diluted earnings per share	155		114		243		—
Dividends declared per common share	$	.2025	$	.1975	$	.6075	$	.5925